Resons why I think Bitcoin is at -or near- the bottom.
Updated
First of all English is not my native language so apologies if there are some mistakes.
Why bullish:
Reason 1 is that the past 3 times the RSI "touched" or broke below the 20% trendline the price went up (brown arrows).
As an extra layer of safety I use the StochRSI that shows the "right moment" of entry,when the blue line crosses the red one upwards in oversold territorry.
Reason 2 we are at the apex of a downward triangle which usually means that the trend will change to either sideways or upwards. If you combine also the fact that there is a resistance at the 5400-5850 range makes this reasoning even stronger.
In my opinion the price will begin to rise after a couple of weeks for it needs to break the descending trendline that comes from the top first, so there is a chance that the price will even go further down to the support area 5400-5850.
Resistance areas are around 9100 and then at around 11500 (fibo)
There is also a chance that before it goes up the price can form a cup with a handle, the handle between the said resistances.The reason that I am thinking this is that the RSI is longer in the neutral zone than in previous cases and that the StochRSI has a small drawback during ascending (arrow).
Thats all, I would like to have your views, especially the ones that do not agree with mine. I am not a prof and I am learning constantly.
Why bullish:
Reason 1 is that the past 3 times the RSI "touched" or broke below the 20% trendline the price went up (brown arrows).
As an extra layer of safety I use the StochRSI that shows the "right moment" of entry,when the blue line crosses the red one upwards in oversold territorry.
Reason 2 we are at the apex of a downward triangle which usually means that the trend will change to either sideways or upwards. If you combine also the fact that there is a resistance at the 5400-5850 range makes this reasoning even stronger.
In my opinion the price will begin to rise after a couple of weeks for it needs to break the descending trendline that comes from the top first, so there is a chance that the price will even go further down to the support area 5400-5850.
Resistance areas are around 9100 and then at around 11500 (fibo)
There is also a chance that before it goes up the price can form a cup with a handle, the handle between the said resistances.The reason that I am thinking this is that the RSI is longer in the neutral zone than in previous cases and that the StochRSI has a small drawback during ascending (arrow).
Thats all, I would like to have your views, especially the ones that do not agree with mine. I am not a prof and I am learning constantly.
Note
TEXT CORRECTION.......broke below the 20% lineNote
IRS = Internal Revenue Service , not the stockNote
Please disregard last comment, it is for an another idea I just sent, SorryNote
Ichimocu cloud resistance is practically non existent, if price will pass through it , next resistance approx 11600 as per fibo 50% line. Not a recomendation just my opinion :-)
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